Cryptocurrency exchange Binance has applied for a license in Singapore under the country’s new Payment Services Act.
Per report from Bloomberg on Sunday, Binance CEO Changpeng Zhao said that an application has been submitted to the island state’s authorities. He said:
“We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
The new legislation requires firms operating in Singapore to be licensed under one of three licenses: money-changing license, standard payment institution, or major payment institution license.
It is worthy of note that the cryptocurrecny business is booming with many crypto exchange companies going international. The only problem remains how cryptocurrency in Africa will be perceived and how fast this will happen considering the fact that many countries are even considering a central bank digital coin while Africa is still less concerned with the idea of cryptocurrency.